The co-founder of Huobi has made a somewhat bearish prediction for Bitcoin and digital asset markets.
Huobi co-founder Du Jun does not believe there will be another crypto bull market until the end of 2024 or early 2025.over the weekend, he said that judging by past market cycles, there may not be another one for around three years. He said that “we are now at the early stage of a bear market,” before adding:
The halving of block rewards for miners will reduce it from the current 6.25 BTC to 3.125 BTC per block. There was little market activity following the previous halving, which, until October and November of the same year. By mid-December, the previous all-time high had been surpassed. “The people who are deep into crypto, and especially building things, a lot of them welcome a bear market,” he stated.Crypto markets are currently down around 38% from their peak in mid-November, and they could fall a lot further if previous bear markets are anything to go by. The Bitcoin ‘fear and greed’ Index was still reading ‘extreme fear’ with a value of 25.
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